The Entrepreneur’s Checklist: 7 Things You Need To Start A Business

If you’re one of the 90% of Americans employed full-time by someone else, chances are you’re not feeling much satisfaction at work. Some of you are stuck with a boss who makes your lives miserable, while others may be merely bored or vastly under appreciated. Maybe you should become your own boss and start a business. Only 30% of Americans are actively engaged in their jobs, according to a recent Gallup report, State of the American Workplace. Not only does being unhappy at work lead to a whole range of obvious complaints, it can also take a toll on your health, the survey reported. One way to improve your situation is to strike out on your own. So, how do you know if you’ve got what it takes to run your own business? Just like most things in life, what separates the whizzes from the rans is preparation. Do your research, write a realistic business plan, raise sufficient capital, and your odds for success go way up. Even before you pinpoint your business, you’ll need to start by asking yourself key questions to determine whether you’re ready to leave a sure paycheck for the chance to take charge of your career for life.

Entrepreneur’s Checklist: 7 Things You Need To Start A Business

Here’s the entrepreneur’s checklist. In order to start a business successfully, you will need the following:

1. Support from your family

When undertaking such a major life change, it’s critical you have your family behind your decision to give up your job to follow your dream. As you may go through a financial fallow period, their support can help you persevere.

2. Commitment and dedication to making your business succeed

You’ve heard the phrase: You’ve gotta want it more than anything else. Or how about: Hungry for success. The point is you have to believe in yourself even when faced by setbacks. Sometimes that means aggressively courting clients or revising your business plan. Surround yourself with critical support, including a good attorney, accountant, and business coach.

3. Sufficient capitalization or willingness to take on debt

While you will likely need to finance some of your startup costs, you should have sufficient resources set aside to get you through the startup period until revenue begins to exceed costs and the profits start rolling in.

4. Management skills

If this is one of your strengths, bravo, but if not, you may need to investigate what it takes to manage employees. If you choose a franchise, you’ll get ongoing training to help you learn the art of hiring, retaining and getting the most out of your workers. Alternatively, you could purchase one of the many franchises that do not have any employees other than the owner.

5. Marketing

How do you see yourself getting customers? The answer to this question will dictate which businesses best suit your style. If you’re an expert at networking, you’ll likely find it easy to develop a clientele. For those who prefer that customers find them, either due to a good location or national advertising campaign, you might want to try a retail operation.

6. Desire to develop your own or follow someone else’s system

You may be well suited to a franchise if you like the idea of following a system that’s been perfected over time and working well for franchisees around the country. Or you may prefer to control every aspect of your business and make your own unique contribution to the marketplace.

7. Tolerance for risk

Even in today’s job market where a steady job is no sure thing, starting your own business requires you to be comfortable with risk. If you believe in your vision and have the moxy to push through the learning phase, you greatly improve your odds. If you’ve checked most of the items above and you’re ready to move forward, we recommend you consult a coach to help you decide on a business that suits your skills and experience. Once you turn the tables and occupy the boss’s chair yourself, don’t forget you still want to make your employees feel valued, help develop their strengths so they, too, can feel satisfied and engaged at work. After all, you’ve already walked in those shoes. And happier employees can go a long way toward helping you make your business a success. Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-5489.  

Franchises: How To Start A Business Without The Risk

Most wealthy people own their own business. However, starting and maintaining a successful company is difficult, and the failure rate is high. There is an option: owning a franchise. It reduces the risk and it’s easier than you think. Learn more about this exciting possibility. Tune into our webinar and hear from an industry expert, franchise coach, and successful franchisee. They will be discussing:

  • Why you should own a business
  • Three ways to become an owner
  • How to buy a franchise
  • How to reduce your risk
  • What financing options are available
  • How to determine the right franchise for you

Dan provides consultations to individuals interested in exploring working for themselves. He helps his clients to achieve their dreams, such as financial independence, career satisfaction, and work-life stability. He has been involved in advising small business owners and managers for more than 25 years. Dan’s services are completely free to any individual interested in learning more about business ownership.  

Don’t miss this opportunity to find the right low-risk business that can lead to financial independence and personal fulfillment.

Watch This Webinar!

Join us for this special presentation owning a franchise by clicking the button below. Presenter: Dan Citrenbaum.   WATCH NOW ►   Photo Credit: Shutterstock

About The Presenter

The Advantage of a Franchise for Aspiring Entrepreneurs

Lots of you do it every day, especially when it seems everyone’s on your case and you’re not hopping fast enough to please your boss. You begin to wonder: How can I get control of my own destiny and reap all the rewards of my labor?

Almost half of workers over the age of 35 want to branch out on their own, according to a recent survey by Harris Poll and CreativeLive (an online education company).

The obstacles sometimes seem enormous for older adults, ones who have picked up costly responsibilities along the way. Striking out on their own may sound too risky. They may not be certain they have the right skills for business ownership. The big question: How do I get started?

One way to lower your risk and help get you to a new and better career is to consider buying a franchise, which comes with a network of support to help you succeed in your new business. Another clear advantage of a franchise is the opportunity to talk to people already in the business to learn how they’re faring, how the franchise company’s systems work and whether they would do it again.

Five Easy Steps for Selecting a Franchise

1.  Rev Your Engines

Make a list of your skills and experience. Then look into different franchises in which the franchisees seem to have particular success. Start matching skills to what the owners need to do in those businesses to see where you might have the best connection.

2. Research Your Selected Business Sector

Learn where the growth is, where opportunities abound, what your geographic area may be missing, and what economic indicators are showing. Maybe local school budgets have been cut and the area has a growing need for a professionally run tutoring business. Or maybe your region lacks adequate resources for senior care.

3. Contact a Franchise Coach

A coach can help you narrow down your choices to franchises that are well-tested in the marketplace and offer the best support system for franchisees. The coach can also help make sure your research is thorough and objective.

4. Talk to franchisors and franchisees

Get the Franchise Disclosure Document from franchisors and learn the financial history of the company, as well as its key executives, and receive the list of franchisees. Franchisees are your most important resource, because they will provide the lowdown on where the franchise company is strongest and where its system may not work so well.

5. Consult a Franchise Attorney

Attorneys who specialize in this market will help you understand the potential pitfalls in a franchisor’s contract and suggest ways to improve the fundamentals to help ensure your success.

Just like any new endeavor in which you want to be successful, your preparation is critical. Making a well-researched solid selection will go a long way to putting you on the road to becoming a successful business owner so you can take control of your career.

This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  He offers free evaluations to find out what option might be the best for you.  Find Dan at www.TheEnterpreneurOption.com.

Worried About Starting Your Own Business? Try A Franchise

Tired of having little control over your work life? You may be ready to take the leap and become your own boss. Before you balk, owning your own business isn’t as risky as it sounds. In fact, if you look before you leap, the potential upside should outweigh the risk. For one thing, you don’t have to start from scratch. You can find a tried and true method for starting your own business that comes with all the systems in place, from a marketing strategy to IT. All you have to do is choose a franchise that stands up to high-level scrutiny and meets your own business and personal criteria. And you can forever slip off the constraints of punching someone else’s time clock. The franchise business is a far cry from your father’s idea of franchising —which grew quickly along with interstate highway system in the 1950s and 1960s and primarily comprised fast food joints and hotels, notably McDonald’s and Holiday Inn. Today, the franchise business is a far bigger pie than you probably realize. Franchises operate within 75 industries and encompass far more than fast food. In fact, whatever business you started in most likely has applications in some type of franchise business. A franchise coach can help you choose from a wide array of opportunities in businesses as diverse as direct mail, maid services and senior care services. These and similar service businesses are expected to lead the growth in franchising over the next year, according to the International Franchise Association. The key to recharging your career in a franchise is to answer the question: Which franchise is right for me? First, you’ll want to assess your skills and experience, along with your interests. What do you want to spend your days doing? Or maybe you want something where you can work less than full time. All is possible in the world of franchising. How do you know it’s a good franchise? You just get the Federal Trade Commission required disclosure document from the franchisor, read it, and start calling franchisees. They’ll tell you. The more thorough your research, the better off you’ll be. Before you spend a dime on your new business, you can learn about the franchise company’s:

  • Support services
  • Training
  • All upfront and ongoing costs
  • Number, location and success rate of franchisees
  • Financial condition, bankruptcy and litigation history, as well as the executives’backgrounds
  • And, most importantly, firsthand testimonials from franchisees on how all this actually works

As you gain skills as a business owner, your long-range earnings potential exceeds what you will likely earn as a cog in the wheel of corporate America. Most people realize that when you work for corporate America you probably make a lot more money for your employer than you make for yourself. When you own a successful business, you can keep both of those types of profit for yourself. When you work for yourself, your risk can actually decline over time because your employees are better trained, your suppliers are more willing to give you special terms and your customer base is more established. Best of all, you control your own destiny. Certainly, franchising isn’t for everyone. If you’re the type of person who wants to make a unique impression in the market and you don’t wish to follow someone else’s system, then do not buy a franchise. You may instead want to consider buying an existing business or starting your own. But if you can follow a simple set of guidelines, you might be able to find wealth, liquidity, and success through a franchise. Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484)278-4589.

Wondering when the profits will start rolling in? Find out before you invest in a new franchise!

So you’ve selected a franchise and have your initial investment capital saved and now you want to know: How much money will I make?

To answer the question you’ll need to weigh your costs against expected potential revenues.

The beauty of a franchise is you actually have a good shot at figuring all these numbers out. Between the financial disclosure document (FDD) and information available from existing franchisees, you can get a good feel for expenses, as well as potential revenues, so long as you factor in differences related to location, local market and, not to be forgotten, the range of talents and experience individual franchisees bring to their businesses.

Why is it so important to do this math upfront? In a phrase, operating capital.

Lots of folks eager to become entrepreneurs for all the usual reasons —to control your own schedule, achieve work-life balance, be your own boss, and make more money —may neglect to factor in all the capital requirements.

At the beginning of a new business comes the transitional stage. This means you need money to run your business until you learn your way around a new market, new procedures and customer care. During this transition, you won’t generate enough revenue to cover expenses. So it’s essential you have enough capital to keep the circuits humming.

Your first task is to get a realistic sense of how much capital you need to get started. Fortunately, the FDD will provide this view of your costs. Some companies will even provide an idea of potential earnings. A franchise coach can help guide you through the process, but it’s never too early to start your research.

Three Keys to Understanding Your Potential Earnings

Know your Timetable

Most businesses take three to 12 months to start earning profits. The slowest to become profitable are franchises with a lot of costs or ones that take longer to build a customer base. And if the margins are thinner, you need to generate more volume. For example, a document shredding franchise, which requires expensive equipment, may take as long as 18 months to run in the black but can eventually become quite lucrative. Retail franchises can be among the quickest to turn a profit because a good location will quickly draw customers.

Accurately Estimate Your Fixed Costs

The franchise disclosure document provides a list of all your costs —everything you need to open —which are far more extensive than just the initial franchise fee. Examples of the types of fees you’ll find under Items 5 and 6 in the FDD are: IT and system setup and initial marketing. Then comes ongoing fees, such as local marketing additional training, ongoing IT or software costs, costs for audits, insurance, and on and on. In short, all of the costs you would expect to encounter.

In your calculations, you should also factor in the cost of consulting an attorney and accountant, which we strongly recommend.

Estimate Potential Income

Flip now to Item 19 of the FDD to read if the franchisor has made any earnings claims. Only about one-third of franchisors make earnings claims, and how franchise companies address this issue varies.

To fill out the picture, your most important information can be found in Item 20, where you’ll find a list of franchisees. You want to call as many franchisees as possible, preferably those operating in locations similar to yours, to verify all the information in the FDD and get an idea on profits. Word to the wise, avoid the question: How much money do you earn? Instead, try a softer approach, such as: “How long until I can expect to make $100,000.”Then try out different income amounts.

All three steps are essential to your preparation. Doing the due diligence required to choose the right franchise upfront will help you experience the pleasure of being your own boss for years to come.

by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  He offers free evaluations to find out what option might be the best for you.  Find Dan at www.TheEnterpreneurOption.com.

Submit a Comment